Underwood & Company Limited

(Registration number: 00046450)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	4,304,976	4,296,202
Investments		500,350	500,350
		4,805,326	4,796,552
Current assets
Debtors	5	234,997	236,816
Cash at bank and in hand		162,521	297,058
		397,518	533,874
Creditors: Amounts falling due within one year	6	(926,799)	(882,325)
Net current liabilities		(529,281)	(348,451)
Total assets less current liabilities		4,276,045	4,448,101
Creditors: Amounts falling due after more than one year	6	(1,330,809)	(1,410,592)
Provisions for liabilities		(12,406)	-
Net assets		2,932,830	3,037,509
Capital and reserves
Called up share capital		6,967	6,967
Capital redemption reserve		10,000	10,000
Revaluation reserve		212,324	212,324
Other reserves		2,250	2,250
Retained earnings		2,701,289	2,805,968
Shareholders' funds		2,932,830	3,037,509

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2025 and signed on its behalf by:
 

Underwood & Company Limited

(Registration number: 00046450)
Balance Sheet as at 31 December 2024

......................................... Mr M C Underwood Director

Underwood & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Steel Centre
Wainwright Road
Worcester
WR4 9FA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Underwood & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	not provided
Plant and machinery	25% on cost
Motor vehicles	25% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Underwood & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	4,240,597	944	94,615	4,336,156
Additions	-	16,530	-	16,530
At 31 December 2024	4,240,597	17,474	94,615	4,352,686
Depreciation
At 1 January 2024	-	944	39,010	39,954
Charge for the year	-	3,380	4,376	7,756
At 31 December 2024	-	4,324	43,386	47,710
Carrying amount
At 31 December 2024	4,240,597	13,150	51,229	4,304,976
At 31 December 2023	4,240,597	-	55,605	4,296,202

Included within the net book value of land and buildings above is £4,240,597 (2023 - £4,240,597) in respect of freehold land and buildings.
 

Underwood & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Debtors

Current	2024 £	2023 £
Trade debtors	1,152	17,578
Prepayments	11,203	-
Other debtors	222,642	219,238
	234,997	236,816

6

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	7	131,555	155,677
Trade creditors		17,723	918
Amounts owed to group undertakings and undertakings in which the company has a participating interest		680,820	541,573
Taxation and social security		7,555	20,567
Accruals and deferred income		68,407	87,519
Other creditors		20,739	76,071
		926,799	882,325

Creditors include loans and borrowings which are secured on the land and buildings held by the company.

Underwood & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	1,328,120	1,407,903
Redeemable preference shares	2,689	2,689
	1,330,809	1,410,592

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	131,555	155,677